Vusumuzi Dube
Judith Phiri, Business Reporter
THE Government has said it will ensure a fair and just carbon trade system is in place, as the country continues to make giant steps towards readiness to meet all the expectations of Article 6 of the Paris Agreement on mitigating climate change.
This comes at a time Southern Africa is intensifying efforts to implement carbon credit projects.
A carbon market allows investors and corporations to trade both carbon credits and carbon offsets simultaneously. This mitigates the environmental crisis, while also creating new market opportunities.
The Ministry of Environment, Climate and Wildlife, which is coordinating environmental and climate policy, has announced an ambitious programme to establish Zimbabwe as one of the first parties to the Paris Agreement to achieve full Article 6 readiness. Zimbabwe hopes to attain full readiness in the first half of 2025.
The Ministry is mandated to promote and regulate carbon trading in Zimbabwe and facilitate trade in carbon credits to contribute to climate change mitigation, adaptation, and sustainable development.
In a keynote address read on behalf of the Minister of Environment, Climate and Wildlife, Dr Sithembiso Nyoni by Climate Change Management director, Mr Washington Zhakata at the Climate Change, Carbon Markets and Sustainability Indaba in Bulawayo on Wednesday, she said they were working on proceeds for a carbon trade system.
“As a country, let us all aspire to have more projects in the compliance market governed by the rules, modalities and procedures under Article 6.2 and Article 6.4 of the Paris Agreement. This would increase their environmental integrity through corresponding adjustments to the national greenhouse gas inventory and also contribute to the country meeting its Nationally Determined Contribution,” she said.
“The Government will continue to work on the share of proceeds structure until a fair and just trade system is in place, as some projects may benefit not only from carbon credits but also for example, the sale of energy, a business not controlled by the current Carbon Trading framework.”
She said her Ministry welcomes the work of the Africa Voluntary Carbon Credit Market Forum for providing an important platform to interact and hopefully emerge with ideas on increasing inclusivity in carbon trade as well as its impact on green growth.
Dr Nyoni said Zimbabwe hopes to play her part in ensuring that all players have a platform that brings African and global actors together for mutual benefit.
“As a united front, we can negotiate better trade terms with the rest of the world and exchange notes in real-time. Let me assure you that the Government looks forward to finalising the Article 6 Policy and Carbon Market Strategy by December 2024, in time for integration with the Climate Change Management Bill. Zimbabwe hopes to attain full Article 6 readiness in the first half of 2025,” she added.
Bulawayo Minister of State for Provincial Affairs and Devolution Cde Judith Ncube said it was crucial to preserve the natural resources through sustainable land use and forestry conservation by reducing the carbon footprint through investing in sustainable projects.
She said through this the country can earn credits that can be sold on the international markets, while carbon markets were a crucial tool in the fight against climate change.
Africa Voluntary Carbon Credits Market Forum (AVCCMF) executive chairman, Mr Kwanele Hlabangana said they were driving the climate action agenda through people-centric approaches to accelerate Africa into the climate economy.
The two-day Indaba is running under the theme: “Unpacking and Unlocking Zimbabwe’s Potential in the Climate Economy: Driving the Global Sustainability Agenda to build Climate Resilience.”
Online Reporter